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ACE net income drops 27% on taxes, financial losses

Bnamericas
The Mexican subsidiary of Bermuda-based insurer ACE Limited (NYSE: ACE) reported net income of 17mn pesos (US$1.5mn) for the first half of 2004, a 27% decrease from the same period last year, according to statistics of insurance regulator CNSF. ACE Seguros saw its profits plunge due to financial losses and a significantly higher tax burden during the period in question. Written premiums increased 37% to 1.3bn pesos, broken down as follows: life (8%); P&C (77%); accidents and illness (15%). Retained premiums rose 18% to 358bn pesos. As of June 30, 2004, ACE had a 1.9% market share in terms of total written premiums and a 3% share of P&C. Policy acquisition fell 21% to 50.9mn pesos, while net claims and other obligations were down 9% at 109mn pesos. ACE's technical result widened 65% to 142mn pesos. Net operating costs increased 35% to 69.5mn pesos, while operating income soared 618% to 43.3mn pesos. However, the company reported a loss on its investments of 2.8mn pesos, compared to gains of 23.7mn pesos the year before. ACE's tax burden rose 278% to 23.4mn pesos. Assets increased 46% to 1.6bn pesos, with the investment component growing 22% to 436mn pesos. On the liability side of the balance sheet, ACE's technical reserves increased 46% to 1bn pesos. Equity grew 37% to 232mn pesos. ACE Limited is a holding company that provides insurance and reinsurance products in the United States and almost 50 other countries. ACE operates through four subsidiaries: Insurance-North American, Insurance-Overseas General, Global Reinsurance and Financial Services.

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